{"id":1067,"date":"2019-05-31T16:42:40","date_gmt":"2019-05-31T08:42:40","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1067"},"modified":"2020-01-12T17:07:02","modified_gmt":"2020-01-12T09:07:02","slug":"iasb-proposes-to-update-conceptual-framework-reference-in-ifrs-3","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/05\/31\/iasb-proposes-to-update-conceptual-framework-reference-in-ifrs-3\/","title":{"rendered":"IASB proposes to update Conceptual Framework reference in IFRS 3"},"content":{"rendered":"\n<p>On or about 31 May 2019, the International Accounting standards Board (IASB) has published proposed narrow-scope amendments to IFRS 3  <em>Business Combinations<\/em>.  <\/p>\n\n\n\n<p>These amendments will update a reference to the <em>Conceptual Framework for Financial Reporting<\/em> without changing the accounting requirements for  business combinations.  <\/p>\n\n\n\n<p>IFRS 3 specifies <em>how<\/em> a company should account for the assets  and liabilities it acquires when it obtains control of a business. It refers to an old version of the <em>Conceptual Framework <\/em>to determine <em>what <\/em>constitutes an asset or a liability.  The IASB proposes to update IFRS 3 so it refers instead to the latest version<em>, <\/em>issued in March 2018. <\/p>\n\n\n\n<p>Updating the reference without making any other changes to IFRS 3 could  change the accounting requirements for business combinations because the  liability definition in the 2018 <em>Conceptual Framework<\/em> is broader than that in previous versions. It would require companies to record provisions and contingent liabilities when they acquire a business they would not record in other circumstances. <\/p>\n\n\n\n<p>The IASB also proposes that for provisions and contingent liabilities, companies should refer to IAS 37 <em>Provisions, Contingent Liabilities and Contingent Assets<\/em> instead of the <em>Conceptual Framework<\/em> to determine what constitutes a liability. <\/p>\n\n\n\n<p>This  change is proposed to stand still until IASB makes a decision regarding  the amendment of IAS 37 to align it with the 2018 Conceptual Framework.<\/p>\n\n\n\n<p>Comments should be submitted to the IFRS website by 27 September.<\/p>\n\n\n\n<p>Source: IFRS website, 2 June 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 31 May 2019, the International Accounting standards Board (IASB) has published proposed narrow-scope amendments to IFRS 3 Business Combinations. These amendments will update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. IFRS 3 specifies how a company should account for the assets and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-1067","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1067"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1067\/revisions"}],"predecessor-version":[{"id":1068,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1067\/revisions\/1068"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1067"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}